For years, ExxonMobil has supported multi-stakeholder engagement in countries around the world for the purpose of increasing transparency of government revenues from the extractive industries. Our efforts to promote revenue transparency have helped reduce corruption, improve government accountability and promote greater economic stability worldwide. We believe the most successful transparency initiatives are those that ensure each relevant public, private and societal entity is fully engaged and properly represented. Successful initiatives must respect national sovereignty and local norms and apply to every company in all relevant sectors.
A global program that encourages transparency and collaboration among governments, companies, civil society and financial institutions is the Extractive Industries Transparency Initiative (EITI). This initiative is dedicated to strengthening governance by improving transparency and accountability in the extractives sector. Companies and governments participating in EITI separately report payments and revenues, respectively, allowing EITI to reconcile any differences between the totals and publish validated total government revenues.
Since EITI’s inception more than a decade ago, ExxonMobil has had an active role at both the secretariat and country levels. An ExxonMobil representative has served on the EITI board as either a primary or alternate member since it began.
ExxonMobil supports the EITI application, validation and implementation processes in 20 countries, and we are working with governments in a number of other countries including Equatorial Guinea and Mexico, which are considering joining EITI. There are currently about 50 countries that are compliant members or have been accepted as candidates to begin reporting under the EITI Standard.